First Data to launch comprehensive electronic statement presentment and payment solution - New Services

Information Superhighways Newsletter, Feb, 2002

Issuers will soon have a new way to strengthen cardholder loyalty and enhance customer satisfaction through a comprehensive electronic statement presentment and payment solution that will be launched by global payments leader First Data Corp. The First Data Statementlook service will provide card issuers a powerful tool for consumers to view monthly statements and make payments online.

The full service, available in April 2002, provides issuers an additional channel to deliver critical account information including current account activity and previous months' statements. Issuers can present the information via a First Data-hosted or existing Web site and enhance their branding and cross-selling efforts using marketing banner ads. In addition, the service allows issuers to offer the convenience of multiple payment options, including online transactions through their existing Web site, payments using the Western Union MoneyZap service, or walk-in cash payments at any of over 40,000 Western Union agent locations in the US.

Using the service, issuers will have the option to turn off paper statements or give consumers the power to choose their preferred delivery method. By offering the option for electronic-only statements, issuers can realize significant cost efficiencies. Issuers also benefit from various e-mail notification options for communicating with consumers, and will be able to allow consumers to make online account requests and updates.